The new National President of the Association of National Accountants of Nigeria (ANAN) Dr. James Neminebor, said that the only way out for economic recovery of Nigeria as a nation is for the administration of President Bola Ahmed Tinubu to negotiate properly with the people of South-South to tap the natural resources and generate revenue to offset Nigeria’s debt.
Neminebor stated this yesterday when he received a delegation of the Nigeria Union of Journalists (NUJ) led by the council chairman, Comrade Samuel Numonengi at his residence in Yenagoa, the Bayelsa State capital.
He noted that there’s plenty of oil, particularly gas, in the South-South region which has the potential of raising enough money to fix the economic problem of Nigeria, adding that the greatest pain of the people of South-South are lack of good roads.
The pioneer Bursar of the Federal Polytechnic of Oil and Gas, Ekowe further hinted that the huge debt profile of Nigeria does not mean that the country will pro rata the debts and pay yearly, while suggesting that federal government can buy back the debt, renegotiate the interest rates and also give tax rebate to companies that are prepared to construct roads in the South-South region.
He said, “Nigeria has the potential of raising revenue. If they negotiate properly with the South South people and allowed the country that will tap the resources of the South-South, we will build a very fine revenue and with the huge revenue, we will offset our debts.
“There is no country that is not into debt, but what is our production? That you have this very huge debt profile does not mean that you will pro rata the debts and pay yearly. In accounting, even product that you have, after selling you can buy it back. You can buy back your debt, renegotiating the interest rates and before you go into negotiation, what do you have to offer that country?
“Nigeria should offer good service. The problem we have, our best brains, are they with us? When we see the exodus of people going out of this country, these are the people we use as a credit to us in services. We give service to reduce our loan profile but most of them are gone. Where is our product that with which we can now negotiate for reducing our debt profile?
“The challenges of the South South is the problem while these debts keep increasing. The third mainland bridge was built with only oil not cash. We would have taken a loan, the debt profile would have increased but the used oil. Today, do we have a well that we can mortgage to any company because of the hostility in the South South.
“So, if they are able to properly calm the nerves of the people of South South, they have not seen anything; there’s plenty of oil particularly gas. We have the potentials to make money and reduce the oil well; discuss, negotiate, embrace the people of South South.
“The greatest pain of the people of South South are roads. If they are able to create roads, they can take the oil the way they like. This is a place where you can give tax rebate to a company; I will reduce your tax, construct this road from here to Brass and this is the specimen. Oil companies are prepared to construct these roads.
“Government should be serious with the people of South South. If that is done, they will have enough well to drill and satisfy their expenditure. I know Tinubu will focus on the places money is coming from and primarily, it’s the South South. Our Coco fields are dead. Is it the coal? Coal is no more. Even if you bring out coal, nobody will buy it; it will not go into any market.
“For now, even though Artificial intelligence is coming, we still believe in oil. While we wait for our electric motors, the crude is still selling. Until we get to that time, we should be enjoying our oil and gas now. Palliate the hostilities, tap your oil, get revenue to the country and we have made it.”